IRS to summon users who don’t report and pay tax on crypto transactions
With the crypto community growing bigger and as trading volumes reach new highs, the United States is also making more effort to ensure that its Internal Revenue Service (IRS) could properly collect cryptocurrency tax. U.S. Attorney Damian Williams, Deputy Assistant Attorney General David Hubbert and IRS Commissioner Charles Rettig announced that U.S. judge Paul Gardephe […]
Why did WazirX token WRX jump 30% after India announced its big crypto tax?
WazirX exchange’s native token, WRX, benefited the most from India’s latest U-turn on crypto this week. WRX’s price jumps on India tax news WRX’s price surged nearly 30% to over $1, hitting a three-week high after the Indian government had announced a new tax regime for the regional crypto sector, reversing entirely from its earlier strict stance that […]
South Korean lawmakers inch closer to deal to delay crypto tax by one year
In what could be a big win for the local crypto industry, South Korean lawmakers are close to delaying taxation on digital assets for another year. Representatives from the Tax Subcommittee in the National Assembly, South Korea’s legislative body, reached a bipartisan agreement on Nov. 29 by approving an amendment that could postpone the crypto […]
UK digital services tax targets crypto exchanges
A recent update to Her Majesty’s Revenue and Customs (HMRC) regulations has introduced a digital services tax that will be levied on cryptocurrency exchanges operating in the United Kingdom. Crypto exchanges in the UK will now have to pay a 2% digital services tax according to a Telegraph report. Britain’s tax authority, HMRC, does not […]
Australian Tax Office says it can't rely on crypto users' own records
The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors try their best. Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not […]
Mixed messages on crypto tax rules create confusion in South Korea
South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022. Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. If unchanged, […]
South Korean opposition set to tackle controversial crypto tax law
Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law. According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country. As previously reported by Cointelegraph, South Korea’s crypto tax regime that will see […]